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Financial pressure eases on Tata Motors
Posted on: 19-05-2009 , 04:: | DY365 Bureau

said global agency Standard and Poor's while retaining the company's rating on creditwatch with negative implications.

Noting that the company took measures to manage short-term debts, the agency's credit analyst Manuel Guerena said, "This, along with improvement in the Indian automobile market conditions in 2009, has somewhat eased liquidity pressure at Tata Motors".

The agency, however, has continued to keep the long-term corporate debt and unsecured debt of Tata Motors on creditwatch with negative implications (possibility of a downgrade).

"There was no change in rating assigned to this company, which is (plus) and is on credit watch with negative implications," Guerena said, adding the agency updated its views on Tata Motors beacuse of the USD two-billion bridge loan which becomes due for repayment on June 2 this year.

The rating B (plus) suggests that adverse business, financial and economic conditions can impair the ability of the company to meet its financial commitments


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